Malik Riaz has said that he can eradicate terrorism from Pakistan in two years. PHOTO: REUTERS/ FILE

RAWALPINDI: Property tycoon Malik Riaz signed a multi-billion dollar property building deal with an American investor, Thomas Cremer in Rawalpindi on Monday, Express News reported.

The ‘bundle island’ scheme that was signed between the two would enable the establishment of the world’s tallest building and the construction of an island city along the sea coast of Karachi.

“This would be the tallest building in the world,” said Riaz, who also heads the Bahria Town properties.

“Here we would have all the facilities of the world,” he added, saying that this new venture would have internet, health care, educational and entertainment facilities available for its future residents.

Riaz said that this project, that would be spread over 12 to 16 acres of land in Karachi, would help in alleviating terrorism from the country.

“This project would provide employment to 2.5 million people and accommodation to hundreds of thousands of others,” Riaz remarked.

Riaz added that this project would enable the country to pay off its foreign debts. He also said that the island project would help relieve Karachi from the shackles of the criminal and drug mafias currently operating in the city.

In his remarks at the signing ceremony, Cremer said that he worked in Germany when the political situation was very volatile. He believed that with this project, Pakistan would be firmly placed on the road towards development and prosperity.

Reader Comments (34)

A similar claim was made Mr. Malik Riaz few weeks back that he has signed a multi million dollar desl with Abu Dhabi Group to construct the tallest building of the world in Karachi and after few days of Mr. Malik Riaz announcement, Abu Dhabi group denied the claim of Mr. Malik Riaz by publishing considerable size of advertisements in all leading news papers (English and Urdu) of Pakistan.

I have all the apprehensions that after few weeks American investor Mr. Thomas Cremer also be denying the signing of deal with Mr. Malik Riaz in Pakistan.

Why always the news of multi million dollar comes from Mr. Malik Riaz only, why not from the other party?

Even if the investment is one tenth of the stated amount, it is welcome. Every additional job created will bring prosperity to one more household. It is great that the investment will be made in Karachi. Karachi has long been neglected by the federal government. Private investment will go a long way in plugging this gap and divert the attention of the misguided youth towards more beneficial activities. Economic resurgence needs investor confidence and high impact projects can do just that. Karachi is the most liberal city and a trendsetter for the whole country. Lets hope the project materializes

@Mohammad Ali Siddiqui:
“……I have all the apprehensions that after few weeks American investor Mr. Thomas Cremer also be denying the signing of deal with Mr. Malik Riaz in Pakistan”.
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That is most likely. Thomas Cremer is a professor in Germany and then there is singer or something like that in the US. None of them is a business tycoon exactly.

Sindh’s most scenic islands go on sale. Check old news papers, during Mushraf days, when the very same islands were tried to be sold to international firms, PPP leaders blamed then CM Sindh for misappropriating Sindh’s resources, but what an irony, today they are doing the same.Recommend

Hei is like the boy who cried wolf. HE made similar claims when he had supposedly signed a deal with UAE. The Sheikh published ads in the newspapers saying that he had signed no such deal and he had made no financial commitment. Now he is wiser, he is naming some American investor who may not find out about claims Mallik Riaz is making in Urdu and issue a denial.

@Abid: That is most likely. Thomas Cremer is a professor in Germany and then there is singer or something like that in the US. None of them is a business tycoon exactly.
^ there is also a drummer named Thomas Cremer and I am glad there is someone who actually Googled it before hand.

Thomas Kramer’s net worth is near $90 million, how can he sign a $20,000 million deal? This is a scam, just like the one with the Abu Dhabi Group. A way for Mr. Riaz to smuggle his illegal offshore money back into Pakistan and make it white money. He has also paid the media well to publicize deals like these very well.

Also, any action against him in court will now have to take into consideration this “deal” therefore if he is sentenced for land-grabbing, or any of the charges, he will simply say that because of this court action Pakistan is losing $20b and 2.5m jobs.

His credibility was known the day he rigged a channel show to manipulate the country.

he is genuine Person, why we always starts thinking negative lets think positive and wish that everything happens the same way this article tells, we all know in pakistan and specially in Karachi starting and finishing this kind of big land involved project isnt that easy, im optimistic and believe that everything will go as per plans.

@Someone:
USA is USA and UAE is UAE and never forget this harsh reality and truth that Pakistan as usual and as mostly prefers,shows and protects US’ interests not the countries’ because USA is the only financial supporter of Pakistan and fulfills the Pakistan’s financial requirements most especially importantly regarding developmental projects and energy crises and US wants that Pakistan always has to depend on US’ aid.This is why US’ investor is given top most priority in this regard..